Advantego Corporation Announces Second Quarter Financial Results

DENVER, CO / ACCESSWIRE / August 15, 2018 / Advantego Corporation (OTCQB: ADGO) today announced financial results for the second quarter and six months ended June 30, 2018, which illustrated substantial increases in sales for the reporting periods and over the first quarter of 2018 for its specialized Business Process as a Service (BPaaS).

For the second quarter, Advantego recorded sales from its digital signage and digital listing product lines of $71,267 with a net loss of $244,642, equal to a net loss of two cents per share, on 16,010,976 basic weighted average shares outstanding compared with sales of $3,430 during a partial period of operations in 2017 resulting in a net loss of $159,555, equal to one cent per share, on basic weighted average shares outstanding of 14,664,718.

For the six months period, the Company recorded $115,244 in sales compared with the $3,430 in 2017 with the sales for the six months being the same as the three-month period since operations only began in May of last year. The net loss for the six months period of 2018 was $488,478, equal to a net loss of three cents per share, compared with the similar period's 2017 loss of $324,116, equal to a net loss of two cents per share. Basic weighted average shares outstanding for the first half of 2018 were 15,766,973 compared with 14,544,099 in the 2017 period.

"Sales nearly doubled from the first quarter of 2018, which itself was a more than a doubling of revenues for the fourth quarter of 2017, so the trajectory is in the right direction," according to CEO Robert W. Ferguson. "For the second quarter in a row, we recorded a gross profit; this time of $27,582 from our product lines," he said.

"Since being upgraded to OTCQB, we announced six strategic alliances with quality companies in diverse markets, opened a new Nevada-based operating subsidiary to handle all of our sales and marketing, rounded out our management team and secured our short-and-long term financing needs," Ferguson pointed out.

Ferguson continued, "Now with a stable foundation to build from, we expect to continue to make gains in sales in the second half of the year with our current products and services and add to that with new products and services in the audiological, financial and human resources industries. So, it is an exciting time at Advantego as we look to the future."

Reviewed, unaudited financial statements for the second quarter and first half of 2018 are available on the Company's website: www.advantego.com.

About Advantego Corporation

Advantego Corporation (OTCQB: ADGO) designs, develops and implements digital communications and intelligent software solutions as a specialized Business Process as a Service (BPaaS). The Company’s products and services are developed by its wholly-owned operating subsidiary, Advantego Technologies Inc., which leverages its proprietary "Intelligent Solution Platform". This platform combines existing data and systems and integrates "best in class", third-party technologies to provide a comprehensive, managed solution that significantly enhances internal operations and marketing efficiency. These elite, custom business solutions are available to large enterprises, affiliate networks and franchise operators as all-inclusive, managed bundled services. The Company also offers a variety of stand-alone products specific to targeted industries. Website: www.advantego.com.

Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of the Securities Act. As a general matter, forward-looking statements may reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business.

These statements may be identified using forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions. The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends.

FOR:

ADVANTEGO
CORPORATION
(OTCQB: ADGO)

CONTACT:

GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
(310) 804-7037
[email protected]

SOURCE: Advantego Corporation